Efficiency and unbiasedness in the Indian stock index futures market

This paper explores potential efficiency and unbiasedness as well as the degree of efficiency in stock index futures of an emerging market using both monthly and daily data. Besides analyzing efficiency and unbiasedness with cointegration and error correction model, the degree of efficiency is further investigated after explicitly modeling the underlying state of the market (expansion or contraction) through the first-order Markov switching set-up. The results show that a relatively longer two-month horizon is more effective in eliminating arbitrage opportunities than the short run (one-month and daily) futures.

Concentration monitoring and performance of a migratory corrosion inhibitor in steel-reinforced concrete

Inhibitor concentration depth profiles for concrete samples treated with a proprietary migratory corrosion inhibitor (of the Cortec MCI range) are presented. The treated concrete was cored and these cores were then sectioned and crushed before being immersed in distilled water to extract the available inhibitor. The amine concentrations were quantified using an ammonium-sensing electrode and were then related to the inhibitor concentration present. The inhibitor examined, reported to contain a combination of volatile amines and amino carboxylate compounds, was found to readily diffuse through concrete. The inhibitor was subjected to a 5-year trial and found to be effective in suppressing corrosion of steel reinforcement in the presence of high chloride concentrations. The concentration profiles indicate that only relatively low concentrations of inhibitor were required to achieve inhibition in this case.

Management control systems use, organisational capabilities and performance in universities: application of the resource-based view

Invoking the resource-based view (RBV), this study investigates relationships between management control systems (MCSs) use, including information use from performance measurement systems (PMSs), and organisational capabilities in the context of academic units of Australian universities. Increased competition and attention to distinctive capabilities amongst universities, particularly at their strategic operating unit level of Schools 1, provides the setting for application of this theoretic perspective. The objective of this study is to model various relationships between diagnostic and interactive use of MCSs, attention given to centrally-imposed and discretionary types of PMS information, the strength of capabilities of the academic unit and, in turn, performance of the academic units. This objective is investigated using a field survey in which a mail survey instrument is administered to a census of all Heads of Schools in all 39 universities in Australia. Valid responses were received from 166 Heads. Principal components factor analysis finds that Heads conceived capabilities of their unit in functional dimensions, not in generic dimensions as found in prior literature; Heads also considered performance measures in terms of their importance (critical or discretionary) rather than type (financial versus non-financial). Partial least-squares analysis is then used for path modelling, and several significant results are obtained. Highlights are that diagnostic MCS use and centrally-imposed performance measures, i.e., key performance indicators, but not interactive MCS use or discretionary performance measures, significantly relate to some or all of the strength of capabilities in the fields of teaching, research and networking, and in turn indirectly relate to performance of the academic units. The findings have practical implications for styles of control systems use; focus on selected key performance measures; and development of organisational capabilities for achievement of superior performance by academic schools in universities.

Family generation, leadership and performance : the role of outside directors in Indian family firms

This paper addresses the presence of outside directors in family firms in India examining the generation of the firm and years of operation. Aspects of corporate leadership such as family member as CEO, as well as the CEO's role in a founding family firm, are considered in relation to financial performance. The findings show that outside directors do not significantly increase firm performance of family firms demonstrating their ineffective monitoring role. Contrary to studies from developed economies, more established family businesses in India outperform founding firms. Overall the study demonstrates that corporate governance issues related to Indian family firms differ from the findings from more developed economies. This finding has implications for further governance reforms in emerging economies.

Energy-efficient management of data center resources for cloud computing : a vision, architectural elements, and open challenges

Cloud computing is offering utility-oriented IT services to users worldwide. Based on a pay-as-you-go model, it enables hosting of pervasive applications from consumer, scientific, and business domains. However, data centers hosting Cloud applications consume huge amounts of energy, contributing to high operational costs and carbon footprints to the environment. Therefore, we need Green Cloud computing solutions that can not only save energy for the environment but also reduce operational costs. This paper presents vision, challenges, and architectural elements for energy-efficient management of Cloud computing environments. We focus on the development of dynamic resource provisioning and allocation algorithms that consider the synergy between various data center infrastructures (i.e., the hardware, power units, cooling and software), and holistically work to boost data center energy efficiency and performance. In particular, this paper proposes (a) architectural principles for energy-efficient management of Clouds; (b) energy-efficient resource allocation policies and scheduling algorithms considering quality-of-service expectations, and devices power usage characteristics; and (c) a novel software technology for energy-efficient management of Clouds. We have validated our approach by conducting a set of rigorous performance evaluation study using the CloudSim toolkit. The results demonstrate that Cloud computing model has immense potential as it offers significant performance gains as regards to response time and cost saving under dynamic workload scenarios.

Effect of CHO ingestion on exercise metabolism and performance in different ambient temperatures

Two series of experiments were conducted to examine the effect of ingesting beverages with differing carbohydrate (CHO) concentrations and osmolalities on metabolism and performance during prolonged exercise in different environmental conditions. In series 1, 12 subjects performed three cycling exercise trials to fatigue at 70% ·VO_2peak in either 33°C(N = 6) (HT1) or 5°C (N = 6) (CT). Subjects ingested either a 14% CHO solution (osmolality = 390 mosmol·l^-1) (HCHO); a 7% CHO solution (330 mosmol·l^-1) (NCHO) or a placebo (90 mosmol·l^-1) (CON1). In series 2, six subjects performed the same three trials at 33°C (HT2), while ingesting either NCHO, a 4.2% CHO solution (240 mosmol·l^-1) (LCHO) or a placebo) (240 mosmol·l^-1) (CON2). Plasma glucose was higher (P < 0.05) in HCHO than NCHO, which in turn was higher (P < 0.05) than CON1 in both CT and HT1. Plasma glucose was lower (P < 0.05) in CON2 compared with NCHO and LCHO in HT2. The fall in plasma volume was greater(P < 0.05) in HCHO than other trials in both CT and HT1 but was not different when comparing the three trials in HT2. Exercise time was not different when comparing the trials in either HT1 or HT2 but was longer(P < 0.05) in NCHO compared with HCHO, which, in turn, was longer(P < 0.05) than CON1 in CT. These data demonstrate that, during prolonged exercise in the heat, fatigue is related to factors other than CHO availability. In addition, during exercise in 5°C a 7% CHO solution is more beneficial for exercise performance than a 14% CHO solution.

An empirical examination of feedback : user control and performance in a hapto-audio-visual training environment

Utilising advanced technologies, such as virtual environments (VEs), is of importance to training and education. The need to develop and effectively apply interactive, immersive 3D VEs continues to grow. As with any emerging technology, user acceptance of new software and hardware devices is often difficult to measure and guidelines to introduce and ensure adequate and correct usage of such technologies are lacking. It is therefore imperative to obtain a solid understanding of the important elements that play a role in effective learning through VEs. In particular, 3D VEs may present unusual and varied interaction and adoption considerations. The major contribution of this study is to investigate a complex set of interrelated factors in the relatively new sphere of VEs for training and education. Although many of the factors appears to be important from past research, researcher have not explicitly studied a comprehensive set of inter-dependant, empirically validated factors in order to understand how VEs aid complex procedural knowledge and motor skill learning. By integrating theory from research on training, human computer interaction (HCI), ergonomics and cognitive psychology, this research proposes and validates a model that contributes to application-specific VE efficacy formation. The findings of this study show visual feedback has a significant effect on performance. For tactile/force feedback and auditory feedback, no significant effect were found. For satisfaction, user control is salient for performance. Other factors such as interactivity and system comfort, as well as level of task difficulty, also showed effects on performance.

An investigation on asset allocation and performance measurement for unit trust funds in Malaysia using multifactor model : a post crisis period analysis

This study examines the pattern of asset allocation and the performance of unit trust in Malaysia over the post crisis period by using risk-adjusted performance measures and multi-factor model from the year 2000 to 2004. Evidence from the statistics suggests that an active asset allocation strategy had been observed among Malaysian fund managers during the post Asian financial crisis. It is also suggested that investment allocation in equity remained a dominant vehicle for investment and asset allocation. Findings from multifactor model suggest that all funds of different objectives registered positive alphas except for income funds, with growth funds being among the top. While balanced funds registered highest diversification effectively, diversifying away about 70%-80% of unsystematic risk, the momentum factor is not among the important elements to explain unit trust performance in Malaysia.

Privatization and performance : the case of four Australian financial institutions

This paper investigates the performance after privatization of institutions in Australian banking and insurance. Privatization was anticipated to improve firm performance in Australia and elsewhere, yet findings are mixed. A comparative institutional approach is taken to analyzing firm performance in the longer term which allows for further structural change. A CAMEL analysis of performance before and after privatization events is undertaken for four privatized institutions, two each from banking and insurance sectors. These are matched with private peer institutions. Privatized institutions are found to perform quite similarly to private peer institutions both before and after privatization.

Influence of particle concentration on initial collection efficiency and surface coverage in porous media filtration

Four sizes (0.095, 0.53, 1.0 and 2.01 μm) of polystyrene latex particles were used to prepare monodispersed suspensions at three different ionic strengths (10−3, 10−2.5 and 10−2M KCl). Filtration experiments were conducted using those suspensions in a filter column with glass beads as porous medium. The filter bed depth and the filtration velocity were kept at 5 cm and 1 m/h, respectively. When suspensions with equal mass concentrations (0.2 mg/L) or equal surface area concentrations (0.12 cm2/mL) were filtered through the system, the largest particles exhibited higher initial single collector efficiency, η. The difference between the η of largest particles and the smaller particles was prominent for suspensions with equal surface area concentrations at higher ionic strengths. The collision efficiency, α of those particles exhibits higher values at higher ionic strengths. Both at equal mass concentration and equal surface area concentration, α is only slightly dependent on particle sizes when compared to its dependence on ionic strength. Further, it was found that the specific surface coverage was similar for 0.095 μm, 0.53 μm and 1.0 μm particles during the transient stage of filtration at any ionic strength when the surface area concentrations of those suspension were equal.

Capturing dance : using motion capture analysis to enhance dance creation and performance

Opening keynote address.